Insolvency and Bankruptcy code is enabled through different authorities and professionals. All these work in a system where the implementation of the code is ensured for the benefit of the industry. Important participants in the ecosystem are as follows Insolvency and Bankruptcy Board (IBBI) – IBBI is an apex body governing Insolvency and Bankruptcy Code…
Insolvency – Insolvency is a state where the liabilities of an individual or an organization exceeds its asset and that entity is unable to raise enough cash to meet its obligations or debts as they become due for payment. Technically insolvency could be a financial state when the value of total assets of an individual…
The Code applies to companies, partnerships and individuals. The main aim of the code is to resolve insolvency related process within a time frame. It provides for a time-bound process. When a default in repayment occurs, creditors gain control over debtor’s assets and must take decisions to resolve insolvency within a 180-day period. It means a…
What is Insolvency & Bankruptcy Code? The code is the law consolidating all existing insolvency and bankruptcy laws in India. This is one of the biggest insolvency process laws in India. The purpose of the law is reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the…
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. Ease of doing business is the target of the Government, and IBC is one of such focused step taken in that direction. When we hear the word ease of…
First of all we need to understand that the Companies Act 1956 had much liberalised structure for providing loans to directors. Companies used to borrow funds and pass them to subsidiaries as intercorporate loans, but there was visible compliances issues when it comes to compliance with the terms of loan agreement. Section 185 of the…
Ease of doing business is one of the important aspect for increasing entrepreneurship. For the purpose of updating the entire company law, Dr JJ Irani committee is formed and a modern company law is enacted as Companies Act 2013. There were amendments happened over years, for updating and upgrading the company law into dynamic environment. The Government has…
Annual general meeting is one of the important annual event in the life of a company. This also is an annual requirement as per law. Section 96 of the Companies Act 2013 says that every company other than One Person Company Shall in each year, hold a General meeting as its annual general meeting or…
ABOUT UDIN The Unique Document Identification Number as governed by theUDIN Guidelines shall verify the authenticity of various documents signed or certified by Company Secretaries in Practice. As per the UDIN Guidelines, a unique number for the identification of every document attested by practicing company secretaries shall be generated at the time of signing the Certificate/ Report…
eCSIN: The Employee Company Secretary Identification Number. e-CSIN is a system-generated unique number for identification of the Company Secretaries employed in a particular company which shall be generated by the Company Secretary at the time of employment as a Company Secretary or otherwise, as well as at the time of demitting office in any manner. …
